Added on: 10th September, 2019 by O1
Rob Tincknell’s Areli Real Estate is poised to buy the Walnuts Shopping Centre in Orpington for around £35m with plans to convert it into residential, Property Week have reported.
On Tuesday 10th September, Property Week published the following online:
In July, Patrizia Immobilien had appointed KLM Retail to sell the 215,000 sq ft centre in Orpington for around £36m, representing a yield of around 7%.
It is understood that the scheme could achieve residential capital value of around £600/sq ft – far more than the scheme’s current value of £167/sq ft.
Patrizia took over ownership of the centre from Rockspring Property Investment Managers at the end of 2017.
Rockspring bought the centre for its UK Value 2 Fund from a private Kuwaiti investor and Miller Developments for £44m in 2015.
The centre is evenly split between retail and leisure space and includes a 63-bed Premier Inn hotel. After acquiring the mall, Rockspring added a 61,450 sq ft leisure extension that included a seven-screen Odeon cinema and restaurant complex.
Areli teamed up with Tikehau Capital to buy the Nicholsons centre in Maidenhead out of receivership earlier this year with a view to converting it into a mixed-use scheme.
KLM Retail declined to comment.